The Hyperliquid HYPE token has gained considerable attention in the cryptocurrency market following a recent airdrop valued at over $7.5 billion, marking a 600% price surge. The HYPE token's market capitalization stands at approximately $7.1 billion, with a fully diluted valuation of $21.4 billion. The total value locked (TVL) in HYPE is reported at $1.87 billion. This airdrop is notable for its decentralized approach, lacking any involvement from venture capitalists. In addition, liquidations on the Hyperliquid platform have increased by $8.85 billion, or 110%, since December, bringing the total liquidations to over $17 billion. The protocol has generated more than $25 million in fees during this period. HYPE buybacks have also been significant, totaling nearly $2 million in the past 24 hours and close to $10 million over the last week. The developments indicate a shift in the token listing paradigm, with new projects looking beyond traditional exchanges like Binance for launch opportunities.